About the mine

Amulsar gold-bearing quartzite deposit (the Project) is located on the borderline of RA Vayots Dzor and Syunik Regions, within the ridge area of north, north-western branching of Zangezur Range, at the elevation of 2500-2988m.

Reserves of Amulsar gold-bearing quartzite deposit were explored, estimated and given a commercial value as a result of large-scale geological exploration activities at Mountain Amulsar undertaken by Lydian Armenia.

Structurally, the Project is located on the north-eastern edge of the Zangezur ore zone and hosted by two large ore-bearing and non-metallic sequences.

1. Ore-bearing, upper volcanic sequence comprises andesitic volcaniclastic rocks, breccias and tuff (“andesitic coat”), which strikes meridionally about 5,000m, and the thickness is up to 350-400m.

From all the sides the Amulsar tectonic block is confined to major faults, out of which Kechut-Zirak cross fault striking along the northern boundary is noteworthy. From the village of Kechut this fault stretches over the Volcano Zirak to the Vorotan riverheads and it is characterized by the outcrops of minor intrusions and hydrothermally altered rocks, and the mineralization is localized in its upthrown side.

The Amulsar deposit has independent hydrogeological conditions favorable for the mine operation, mining and drilling activities. Hydrogeology of the deposit is distinguished with its independent conditions and in no way it has any connection to mineral and freshwater basins, springs, especially to Jermuk mineral water deposit, which is fed from another tectonic block. From Amulsar it is straddled by deep major Kechut-Zirak fault, located in low 1,000m hypsometric area and is fed from deep layers.

Exploration activities in the Amulsar ore zone identified combined Tigran-Artavazdes, Erato, Arshak and Orontes sites with their own internal structures.

Reserves of Tigranes-Artavazdes, Erato sites have been approved in accordance with RA legislation, and the right for their operation belongs to Lydian Armenia. Lydian Armenia owns all the approved reserves of the deposit, amounting to 89,376.3 Kt of ore; 73,733 kg of gold (average grade of 0.78 g/t) and 294,367 t of silver (average grade of 9,29 g/t).

The deposit is to be developed by combined Tigranes-Artavazdes and Erato open pits, with the annual mining output capacity of 10 Mt of ore.

Metals from the deposit are to be extracted by heap leaching method, which is common international, and will be used in Armenia for the first time.